Chukwuma Soludo Is Living Large - Says Sahara Reporters by muda1: 12:45pm On Mar 16, 2009 |
Charles Soludo's [b]three years ago the Central Bank governor, Chukwuma Soludo, installed his wife, Nonye, and their two children in a mansion bought for half a billion naira in the Tony London suburb of Brondesbury Park.
One of their two children is enrolled at Ampleforth College, an elite parochial school known as “the Catholic Eton,” and where the Central Bank governor pays an annual fee of £25,000 for this privilege— roughly half his annual salary. The other child attends a similarly expensive public school— which in Britain actually means private school— so that in theory Mr. Soludo’s entire earnings of about N12 million a year hardly covers his children’s school fees.
Since he was appointed by former President Olusegun Obasanjo to his current position five years ago, Mr. Soludo, who was a university lecturer before joining the Obasanjo administration, has demonstrated a taste for high living, travelling in convoys of as many as seven vehicles, impeccably and expensively dressed in bespoke suits and heirloom watches, and generally enjoying a lifestyle that cannot be afforded by anyone earning about N1 million a month.
The mansion occupied by his family in the exclusive London suburb is registered to Universal Energy Limited, an offshore company controlled by Emmanuel Ojei, the flamboyant tycoon with many business interests, including oil and gas.
It is not clear under what arrangement the Soludos live in this £2.1 million home; Mr. Soludo is not telling us. He has spent the past three weeks avoiding us and made promises to answer our questions that he has not kept, hoping that we will simply go away.
As he wages a fierce campaign behind the scenes to be reappointed our central banker two months before his five-year term expires, Mr. Soludo has stymied all attempts to give him a fair chance to respond to the growing criticism around his personal conduct while in office, as well as the tactical and strategic decisions he has made as our Naira has collapsed, many of our banks are short of cash, and our economy has threatened to unravel.
Mr. Soludo has been telling friends, our reporters learned, that he believes his reappointment is in the bag, largely on the basis of a claimed closeness to the wife of the President, Turai Yar’Adua and her daughter, Zainab. Of course, many people often claim close relationships with the powerful— and our First Lady is widely acknowledged as perhaps the most powerful person in our political firmament— that are not necessarily so.[/b]He does have supporters, those in the banking industry for whom he has done many favours, or others who simply look at the signature achievement of his tenure— bank consolidation—and conclude that he deserves one more term. “To the extent [that] we now have a number of manageable banks in Nigeria; and from the profit posted by these banks and their annual accounts, If there’s anything that will have the emblem of Mr. Soludo in the CBN, it is the recapitalisation of the Nigerian banks, this can be said to be the biggest achievement of Mr. Soludo as the CBN governor” says Ogbuefi Ozomgbachi, Chairman of the House Committee on Banking and Currency who favours a second term for him.
Mr. Soludo also faces an array of critics determined to stop him from remaining central banker past his sell-by date of May this year, including several chief executives of the banks he supervises, former lieutenants, and prominent lawmakers. And hanging over his head is a damning official finding that investigated his highly questionable establishment and chairmanship of the African Finance Corporation.
The probe panel set up by the Federal Government found that the Central Bank governor was “liable for gross negligence, recklessness, and gross abuse of office.” While Ahmed Markarfi, Chairman of the Senate Committee on Finance, and a former governor in Kaduna State, bitterly considers “the last five years [of the CBN] under Mr. Soludo,” as cheerless, former presidential candidate, and one-time president of the Nigerian Chartered Institute of Stockbrokers, Gamaniel Onosode, is unrestrained at savaging the very heart of the Mr. Soludo policy trust which he identified as the foundation of the current Nigerian financial and economic woes.
“Universal banking has not served us well”Mr. Onosode said. The blurring of functional lines between general commercial banking on the one hand, and investment banking activities, in the view of Mr. Onosode, precipitated the current crisis in the financial market, and as far as he is concerned, “universal banking must accept responsibility for the current financial meltdown [in Nigeria] and the abuse of national resources.”
From obscurity to world stage
Last year December, a day after Christmas, at his home town of Isuanioma near Isuofia, in Anambra State, Mr. Soludo transformed a sleepy settlement into a festive vision when he brought the elite of the Nigerian financial and bureaucratic tribe to come help him launch the Mgbafor-Soludo Diagnostic Centre.
The multi million naira project is envisioned to be a state of the art hospital/diagnostic centre that includes a school of specialized nursing, and doctors’ quarters.
When Mr. Soludo was eight years old, he lost his mother, Mgbafor, but on this festive day at Isuanioma, at the 40th anniversary of her passage, the mood was not sobriety but effervescence. Mr. Soludo, from modest beginnings, recently completed his palatial country home, and has now completely ignited the community spirit; the transformation of what was formaly a quiet and serene town is almost surreal.
A shop attendant in the town, caught in awe, summarises the mood of the moment saying the event carried meaning beyond the launch of a mere hospital. “This is big and pregnant” said Emeka, referring to the community’s feeling that Mr. Soludo could be eyeing some political future. The nation’s central banker has lately been in a mood quite at odds with that of the country.
Rather as Rome burned and the Emperor fiddled, he promised that the economy is immune from the global economic crisis. However, loudly Mr. Soludo shouts about the imperviousness of the Nigerian economy, reality has proved him wrong.
The capital market, at any rate, is in virtual collapse, with over N13 trillion naira lost; the external reserves are being depleted at a fase clip, from $62 billion to about $50billion; the naira continues a frightening slide which last week plumbed the depths at N181 naira to the dollar, from its value of 118 naira only three months ago. With the naira now so evidently humbled by devaluation, the spectre of inflation and spiralling unemployment are palpable even as the fear of bank failures rises by the day.
Blind eye to dodgy loans
Mr.Soludo’s regulatory record is invariably under scrutiny. Concerned bankers and financial analysts in Abuja and Lagos, speaking to us this past week, expressed anxiety that the hallmark of his legacy at the CBN has been the turning of a blind eye to phony financial declarations and doggy loans, many extended to buy shares.
Early this year, the Central Bank spent nearly N1 trillion to bail out ailing banks, without authorisation from either the National Assembly or the Presidency. What is more, the questionable bail-out was executed via toxic instruments packaged through an expanded discount window to shore the banks up from impending collapse.
Yet the most illustrative evidence of Mr. Soludo’s questionable position as both player and regulator at the same time, is the Intercontinental Bank and Ascot Offshore Nigeria affair. In 2007, Intercontinental bank gave a $200 million loan to Ascot Offshore Nigeria Limited to buy out Wilbros Nigeria.
Without the necessary due diligence, the CBN looked away when the collateral provided to secure the private loan turned out to be shares in the telecoms operator VMobile, now Zain, that were owned by the Delta State government. Today the deal is in receivership and the bank is groaning.
Playing games with fx transactions
A top bank executive said last week that Mr. Soludo’s management of the country’s foreign exchange assets has often involved playing fast and loose with the rules. For example, last December 21, the CBN auctioned $180 million to Zenith Bank alone to retire a position in Visafone with a bid of 128.10 to the dollar, just 10 kobo above the other bidders. “Obviously someone on the inside had tipped them off,” the banking executive said.
Mr.Soludo is seen as especially close to some of the most powerful bankers in the land. These include Jim Ovia, the chief executive of Zenith, and Tony Elumelu, who runs UBA. Also close to the Central Bank governor are Cecilia Ibru of Oceanic Bank, and Erastus Akingbola, of Intercontinental Bank, all of whom constitute the aristocracy that invariable supports Mr. Soludo at Bankers Committee meetings.
A senior banker who attended a reception for Mr. Soludo after his appointment told us last week: “That was the origin of Mr. Soludo’s incestuous relationship with our bank chiefs”. Thus, from supposedly sharing the same tailor as Tony Elumelu, Mr. Soludo gradually walked his way to the making of the imperial banker. His pulpit was the bankers’ committee meetings.
In no time too, a psychology emerged: the interminable lecturer wedded to the magnetism of television cameras and newspaper pages.Mr. Soludo inaugurated a ritual of hopping in and out to open every bank branch in London, and accepting awards like a chieftaincy title. He quickly acquired a taste for the lux life.
Mr.Soludo’s residence on 14 Daresalam Street, Wuse 11, Abuja is one of the most expansive compounds in the capital. The cluster of buildings in the complex are hidden behind a tall fence, which appear to be well in excess of municipal requirements of a maximum height of 1.5 meters.
The more intriguing aspect of the building is how Mr. Soludo got the Obasanjo federal executive council to approve his purchase of what is properly the CBN governor’s official residence. It is a situation similar to Sunday Ehindero’s purchase of the Inspector General of Police’s residence which has since been reversed. Mr. Soludo made an elaborate security excuse that allowed him to get the approval to purchase the house for N200 million. CBN sources said another N100 million was used to renovate it to his taste.“It was one of the most improper decisions to allow him purchase that house,” a top bureaucrat said in Abuja. “It would have sounded like allowing Yar Adua purchase Aso Villa simply because he is resident there.”
Mr.Soludo’s flaws were quick in coming. The ambitious African Finance Corporation, which he founded in 2007, and over which he installed himself as chairman, was the subject of a criminal investigation that found him guilty of gross negligence and poor executive judgment.
Financial experts who reviewed the African Finance Corporation process said it was the lowest point of his relationship with the banking industry which illustrated the fact that “you can’t be a player and a regulator at the same time.”
Plucked from obscurity
At the time Mr. Soludo emerged as governor of the CBN, he became part of an all-star cast of economic managers, perhaps the best the country had ever seen. The Obasanjo team was powerful and successful, especially in the three years from 2003 to 2006, before the former president distracted and derailed his own government by seeking a third term in office that was not allowed by the constitution.
The team was led by Ngozi Okonjo-Iweala, the gifted MIT-trained development economist who was finance minister; Nasir El-Rufai was at the helm of the privatisation program and later as minister of the federal capital administration; Mansur Multar, the current finance minister, headed the Office of Debt Management; while Bode Agusto was head of the budget office.
The economy was turbo-charged with the privatisation of the telecommunications sector. It was buoyed by ever-increasing oil prices, growing foreign reserves, strengthening of the naira, and the remarkable decision to wipe out our $35 billion in foreign debt. With a vigorous anti-corruption campaign and the cleaning up of the banks, the path was clear for the most remarkable banking reform in the history of the nation.
Today, however, all that once seemed to make Soludonomics viable has come unravelled. http://www.saharareporters.com/index.php?option=com_content&view=article&id=1292:chukwuma-soludo-is-living-large-234nextcom&catid=42:exclusive&Itemid=160 |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Nobody: 1:00pm On Mar 16, 2009 |
even though the source of his wealth is questionable most Nigerians would easily turn a blind eye to this. I dont think NIgerians are particularly bothered with what you have and how you spend your money as long as you are doing your job judiciously. there's no doubt his job will come with some perks here and there.
I'll give you an example. The former Governor of Lagos State Buba Marwa will most prolly go down as the best thing that ever happened to lagos state. But guess what, he launched his Airline months after leaving office. I dont remember anyone raising a voice in this regards
In a nutshell, Nigerians just want to know that you are doing your job and doing it well. What you get out of it really may not matter. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Lagosboy: 1:13pm On Mar 16, 2009 |
Stealing is stealing. Thieving is thieving.
In the western world politicans have gone down for just going on a cruise ride with business men. It is unthinkable to have the chancellor of the exchequer in UK going on jollying around with the CEO of banks which his job is to regulate. There is what we call conflict of interest and i think Mr Soludo could be guilty of this. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by tpia: 1:29pm On Mar 16, 2009 |
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Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by atiku07(m): 1:38pm On Mar 16, 2009 |
OMO IBO:
even though the source of his wealth is questionable most Nigerians would easily turn a blind eye to this. I dont think NIgerians are particularly bothered with what you have and how you spend your money as long as you are doing your job judiciously. there's no doubt his job will come with some perks here and there.
I'll give you an example. The former Governor of Lagos State Buba Marwa will most prolly go down as the best thing that ever happened to lagos state. But guess what, he launched his Airline months after leaving office. I dont remember anyone raising a voice in this regards
In a nutshell, Nigerians just want to know that you are doing your job and doing it well. What you get out of it really may not matter.
Well Nigerians and their atitude of u must fall by fire by force. Why don't we just leave the guy so far he is doing his job real good, i guess there is no problem what of those that are appointed and they embazzled the whole funds allocated to them without doing nothing and dare u to challenge them. Abeg leave the guy out of this antagonisim of a thing |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Afaukwu: 2:40pm On Mar 16, 2009 |
This story is a heap of animal manure. Sahara reporters? Fake as the word fake. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Nobody: 6:15pm On Mar 16, 2009 |
You guys dont understand whats going on. Soludo can do no wrong because he instituted N25bn capitalisation for banks shey? what a laugh.
There's too much dirty dealing going on in high places. Question is, for how long can this shit continue? for how long? this is our reality, these clowns have twisted it into a grotesque carnival of greed & excess. for how f.ucking long can things continue like this? |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by MrCrackles(m): 6:17pm On Mar 16, 2009 |
Topic
Good for him
Let him lavish, if he has been straight and honest then fine, if not, God dey! ![cheesy](https://www.nairaland.com/faces/cheesy.png) |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by DisGuy: 6:20pm On Mar 16, 2009 |
it's fron NEXTon sunday not sahara reporters true, the school fees are a bit high, but how does anyone know Sahara reporters is right about the amount i don't think the school can/will be hiding their fees from anybody |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by MrCrackles(m): 6:22pm On Mar 16, 2009 |
There is no big deal with that school fees, i paid bloody £13k and i didnt go to an ETONIAN, PAROCHIAL OR some other prestigious college!
Elite schools around here range from £12k-£30k mostly!
The fees i believe is genuine! |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by DisGuy: 6:26pm On Mar 16, 2009 |
MrCrackles:
There is no big deal with that school fees, i paid bloody £13k and i didnt go to an ETONIAN, PAROCHIAL OR some other prestigious college!
Elite schools around here range from £12k-£30k mostly!
MrCrackles, should we get the loudspeakers out? |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by MrCrackles(m): 6:27pm On Mar 16, 2009 |
Dis Guy:
MrCrackles, should we get the loudspeakers out?
No need for that you muppet! ![tongue](https://www.nairaland.com/faces/tongue.png) |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Kobojunkie: 6:30pm On Mar 16, 2009 |
hhhmmmm. . . . If this is true, I do hope EFCC already investigating the man. I mean this is ridiculous that someone is advocating we let him be even if he is stealing from us. Thief na thief oo!!! Anywho, this is why I keep saying the reason why Nigeria remains as is, is because the people continue to allow it remain this way. I see no problem in calling for him to be investigated so we at least find out the truth. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by MrCrackles(m): 6:32pm On Mar 16, 2009 |
Kobojunkie:
hhhmmmm. . . . If this is true, I do hope EFCC already investigating the man. I mean this is ridiculous that someone is advocating we let him be even if he is stealing from us. Thief na thief oo!!! Anywho, this is why I keep saying the reason why Nigeria remains as is, is because the people continue to allow it remain this way. I see no problem in calling for him to be investigated so we at least find out the truth.
GBAM!
Regardless of what a thief steals, at the end of the day na thief!!!
Me i nor all that kind money no be winch, there is something dodgy about it but i wont judge! |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by osisi2(f): 6:36pm On Mar 16, 2009 |
They are all thieves every one of them |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by noetic(m): 7:21pm On Mar 16, 2009 |
OMO IBO:
even though the source of his wealth is questionable most Nigerians would easily turn a blind eye to this. I dont think NIgerians are particularly bothered with what you have and how you spend your money as long as you are doing your job judiciously. there's no doubt his job will come with some perks here and there.
I'll give you an example. The former Governor of Lagos State Buba Marwa will most prolly go down as the best thing that ever happened to lagos state. But guess what, he launched his Airline months after leaving office. I dont remember anyone raising a voice in this regards
In a nutshell, Nigerians just want to know that you are doing your job and doing it well. What you get out of it really may not matter.
uhmn. . . . . . i dont know what to say . . . . cos i m afraid wat u said is actually true but shouldnt be the case.@ Topic I tink the relevant debate here should be that under normal circumstances does soludo deserve a second term. . . . . my take is NO but this aint normal times, very irrational appointments have been made so far by those who call the shots in this administration. their choice of replacement will definitely be a disaster. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Nobody: 7:37pm On Mar 16, 2009 |
if soludo is to be investigated for forking out that amount then 90% of you lot and your parents should be investigated as well. if soludo as the CBN governor is on N1M/Month and can afford to pay his childrens fees and live in a nice house in London then how much do your parents earn? and how come they manage to pay your fees for at least 3 years?
I think its high time we Nigerians looked past what officlas earn and what they spend their money on. We need to focus on what they do while in office. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by tpia: 7:45pm On Mar 16, 2009 |
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Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Fhemmmy: 7:53pm On Mar 16, 2009 |
OMO IBO:
if soludo is to be investigated for forking out that amount then 90% of you lot and your parents should be investigated as well. if soludo as the CBN governor is on N1M/Month and can afford to pay his childrens fees and live in a nice house in London then how much do your parents earn? and how come they manage to pay your fees for at least 3 years?
I think its high time we Nigerians looked past what officlas earn and what they spend their money on. We need to focus on what they do while in office.
I cant blv someone is actually advicing that people shd not worry about how and what people in office are doing with money and look into their lifestyle, for your information, anyone at the office of the public is answerable to the public cos his lifestyle is being funded by my money and that of yours, and it is just sensible that we know what is going on. It is just normal for people to know how much they are getting paid and when they are living beyond their means, or if we at least think that they are living beyond their means, we shuold be able to investigate what they do and where they get the money from, for example, how can you explain a civil servant paying such on school fees on his kids, except the office he is occupying is paying for them. For your info, as long as our fathers are not holding public offices, and yet paying for our tuition for 3 years, they are not liable to nothing, cos they are holding public offices. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by RichyBlacK(m): 7:57pm On Mar 16, 2009 |
It is pathetic how some Nigerians are excusing a criminal in the name of "he is doing his job". EFCC should throw this charlatan in jail! How can a lecturer-turned-CBN governor earning 12 million Naira per annum buy a house for N200 million and furnish it for N100 million, AND then buy another house for N500 million in London for his family? Nearly N1 billion for housing?
Why did God, in His infinite wisdom, bring me to this world as a Nigerian? Why? Such a shamelessly corrupt place is my country? Oh God, why?
And imagine all the idiotic Nigerians that see all these and still cheer on! |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by tpia: 8:10pm On Mar 16, 2009 |
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Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by osisi2(f): 8:17pm On Mar 16, 2009 |
tpia:
and do you have the receipts for all these or are you basing your rant on information gleaned from sahara reporters?
[b]Obama also bought a house while he was senator, which was clearly above his income level at the time.[/b]My point? Sometimes things arent as black and white as people make them to be.
Proof please and I can tell you that if he used public funds we would have heard about it. story tellers |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Nobody: 8:18pm On Mar 16, 2009 |
Fhemmmy:
I cant blv someone is actually advicing that people shd not worry about how and what people in office are doing with money and look into their lifestyle, for your information, anyone at the office of the public is answerable to the public cos his lifestyle is being funded by my money and that of yours, and it is just sensible that we know what is going on. It is just normal for people to know how much they are getting paid and when they are living beyond their means, or if we at least think that they are living beyond their means, we shuold be able to investigate what they do and where they get the money from, for example, how can you explain a civil servant paying such on school fees on his kids, except the office he is occupying is paying for them.
For your information, as long as our fathers are not holding public offices, and yet paying for our tuition for 3 years, they are not liable to nothing, cos they are holding public offices.
if you go through my post you'd notice that im not in support of what is happening. I honestly believe that he and everyone found misusing public funds should be investigated. I made my point based on the fact that we as Nigerians are used to people stealing money and the nothing happens. . . . . .no money, no project, no investigation! i also went on give an example of how Buba MArwa is prolly the best governor of Lagos till date but that did not stop him from stealing money. I re-iterate that anyone found misusing public funds should be brought to book but i'd rather have an official thats actually doing some work and stealing than someone thats stealing without anything to show for it. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by agabaI23(m): 8:23pm On Mar 16, 2009 |
Soludo has been investigated and was not found wanting. Those who instituted the probe panel wanted to remove him but they found out he was clean. The initial deadline of three weeks was extended to give room for further investigations but still found nothing. That does not mean he is clean though but he is yet to endited.
Howeve, you guys should not forget that he was made before he became a central bank Gov. This is a guy who was working with an international consulting firm before he was called up.
He was a lecturer yes, but he only used to stay in nigeria for not more than 4 weeks. Soludo taught econometrics in the department of economics at UNN. He would come, deliver his lecturers within 2 weeks and set an exam. That was it for him. he was not the everyday lecturer. Lecturing was a part time job for him.
Has anyone thought of the investment he might have made? Has anyone thought of his wife's job? May be you do not know that someone who fixed 30 million naira at 13% per annum will be getting approx. 4 million out of it. N30 million would have been easy for him to save in the job he was doing. Do not forget he is a season economist. You guys are telling me that if you earn one million, all you would do is sit down and finish it, there will be no investment?
Having said that, if he is found wanting let him be prosecuted but know that it is very easy for a man of his caliber to afford his lifestyle without soiling his hands. Not everybody is a thief. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by tpia: 8:26pm On Mar 16, 2009 |
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Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by RichyBlacK(m): 8:29pm On Mar 16, 2009 |
tpia:
and do you have the receipts for all these or are you basing your rant on information gleaned from sahara reporters?
Obama also bought a house while he was senator, which was clearly above his income level at the time.
My point? Sometimes things arent as black and white as people make them to be.
[b]You're talking absolutely rubbish! [/b]Better go and educate yourself of the facts instead of displaying crass ignorance on this forum. Nonsense! Yes, America is in no way immune from political corruption but not to the abysmal level of corruption in Nigeria. |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by mustafar1: 8:31pm On Mar 16, 2009 |
roflmao |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by Kobojunkie: 8:32pm On Mar 16, 2009 |
see how people produce lame excuse after another for mediocrity and stupidity!!! OMGosh!!! roflmao!!! |
Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by tpia: 8:36pm On Mar 16, 2009 |
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Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by MrCrackles(m): 8:38pm On Mar 16, 2009 |
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Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by tpia: 8:42pm On Mar 16, 2009 |
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Re: Chukwuma Soludo Is Living Large - Says Sahara Reporters by RichyBlacK(m): 8:43pm On Mar 16, 2009 |
tpia:
so do you have the receipts for the public funds Soludo is using.
Or must his children attend school on a canal because he's the CBN governor.
Obama's story was all over the news- if you didnt hear about it then too bad.
Most schools offer payment plans- so far sahara reporters forgot to do some more leg work and find out if the fees were all paid at once or if they were structured.
tpia, You better don't try to excuse the shame of official corruption in Nigeria by pointing to solid political figures like Obama. You should try other tactics to downplay the filth in Nigeria! Let me point you to some facts: Applying the proceeds of a book deal, the family moved in 2005 from a Hyde Park, Chicago condominium to a $1.6 million house in neighboring Kenwood, Chicago.[191] The purchase of an adjacent lot and sale of part of it to Obama by the wife of developer and friend Tony Rezko attracted media attention because of Rezko's subsequent indictment and conviction on political corruption charges that were unrelated to Obama.[192][193]
In December 2007, Money magazine estimated the Obama family's net worth at $1.3 million.[194] Their 2007 tax return showed a household income of $4.2 million—up from about $1 million in 2006 and $1.6 million in 2005—mostly from sales of his books.[195] --Wikipedia It is attitudes like this (excusing official corruption) that has sustained it to the level it is in Nigeria. |